who taught here and -- [applause] more than 20 years, and was one of the first deans, not the first fema of the policy school here. i knew him as a member of the board of governors, federal reserve in washington. a terrific college. is one of the first people to figure out the subprime issue. as you probably know. and it was a great loss when he passed just a few years ago so i just wanted to say that, and to thank you for inviting me here to michigan. >> well, thank you very much. we are divided to have your but also for your special words about ned who, has played such an important role in the development, we are delighted to have you recognize that. perhaps a good place for us to start our conversation is with something i'm sure many in our audience have been paying close attention in recent weeks, and that is the fiscal cliff. i actually that is a term that you are credited with popularizing last february, uncertainty about fiscal policy is one of the real concerns that a slowing economic -- slowing economic growth. well, a deal was struck recently. what are your views of the outcome